Pros and Cons of Filing for Bankruptcy

A personal bankruptcy filing can help you get a fresh start, putting an end to the non-stop phone calls, letters and legal actions you face. There are consequences to filing for bankruptcy, though. Before submitting aChapter 7 or Chapter 13 petition, you want to consider all the advantages and disadvantages, so that you make the decision that is best for you.

The Benefits of a Bankruptcy Filing

• For most people, the most important reason for filing for bankruptcy protection is to obtain the protection of the automatic stay. The automatic stay prohibits creditors from calling, writing or taking any other legal action outside the bankruptcy process to collect a debt. While the stay is in place, you can get caught up with some or many of your creditors.

• Filing for bankruptcy can actually help you get a quicker start on rebuilding your credit. Once creditors see that you have taken constructive action to resolve debt problems, they are often more willing to work with you and help you re-establish your credit.

• A Chapter 7 bankruptcy filing will allow you to permanently discharge some debts. This can free up the resources necessary so that you can meet your other financial obligations.

• Certain essential property is exempt from sale in a Chapter 7 petition, so you can discharge debts without losing your home, principal vehicle and other necessary items.

• Bankruptcy will stop garnishment, foreclosure and repossession proceedings.

The Consequences of Filing for Bankruptcy Protection

• You will lose all credit cards, unless they are paid off before you file, and you won’t have many opportunities for credit or credit cards for a while. In many instances, you can apply for new credit cards within 24 months, but may have to pay significantly higher interest rates.

• You may not be able to get a home mortgage for up to five years.

• You won’t be able to discharge all debts. Student loan payments, child support arrearages and certain tax debts cannot be wiped out in bankruptcy.

• Bankruptcy can carry an emotional stigma, but so can being sued for non-payment.

• A bankruptcy will appear on your credit report for up to 10 years, making it hard to buy a car or house, get life insurance or even a job.

• Bankruptcy is a matter of public record. If you file, your name will appear in court documents and may appear in the local newspaper.

Take a Close Look before You File

Bankruptcy is not for everyone. If most of your debt is in student loans or tax arrearages, you may be limited to debt reorganization or need to look at alternatives to bankruptcy. For additional information, contact an experienced Rockwall County Bankruptcy Attorney at the Law Office of Carrie L. Weir in Rockwall, Texas.

Located in Rockwall, Texas, and representing individuals throughout the Rockwall County area, the Law Office of Carrie L. Weirprovides clients with quality representation and personal service.

I have more than 10 years of experience handling legal issues involving personal finance, including bankruptcy. Although I am one of the only attorneys in Rockwall County who focuses my practice on bankruptcy, I also look for alternatives to bankruptcy that might better serve your interests and achieve your goals.

I also believe that in order to properly represent you, I need to have the requisite information and understanding of you and your circumstances. For that reason, I will handle all of your paperwork and interviews personally. I don’t want to walk into a meeting of creditors or a courtroom and be surprised.

At my office, you will always be treated with the respect you deserve. Take advantage of my understanding and years of experience battling and negotiating with creditors. You do have options; we just need to determine what they are.

Contact Attorney Carrie Weir Today at 972-772-3083

I offer experienced representation in a relaxed environment. You owe it to yourself to have the information you need to make an informed decision. Call me today to schedule a free, confidential consultation . I can be reached at 972-772-3083 or via our Online Intake Form below.

If I am in court or with a client, please leave a message and I will return your call as promptly as possible. I am genuinely interested in helping you and presenting you with all of your viable options, whether those include bankruptcy or alternatives to bankruptcy.

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